The Korea Fintech Week 2019 opened at Dongdaemun Design Plaza (DDP) on May 23 for a three-day run, showcasing the latest innovations by Korean fintech companies.
The event is jointly organized by the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) to improve public awareness about fintech.
Keynote speakers at the opening ceremony included Choi Jong-koo, chairman of the FSC, Douglas Feagin, head of International Operations at Ant Financial under China’s Alibaba, Matt Dill, global head of Strategic Partnerships at Visa, and Simon Smith, British Ambassador to South Korea.
Domestic financial companies and fintech firms set up 52 exhibition booths to help the public experience fintech services. Commercial banks, such as Kookmin, Woori, KEB Hana, Nonghyup, Shinhan and IBK, are introducing innovative financial services, ranging from artificial intelligence (AI) services to virtual reality (VR) services. BC Card and Visa Card have set up an experience zone to introduce a simple QR code payment system which can be used in real life. Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance and Samsung Securities are running the integrated vision experience zone that helps people directly solve problems in real life through AI service “Sam.”
CEOs of major fintech firms delivered a lecture on the first day of the even with a theme of “Fintech company, Success and Challenge.” Kakao Pay CEO Ryu Young-joon, the first lecturer on the first day, said, “We will expand the subscription of institutional investment products through Kakao Pay.” Rainist CEO Kim Tae-hoon said, “We will address the financial segmentation and interestingly solve financial problems on a consumer level.”
Seminars about other government’s improvement in financial regulation, including Europe and Singapore, will be held on May 24, the second day of the event, while Samsung Electronics and SK will talk how the latest information and communication technology (ICT), such as 5G and simple payment, can affect the financial sector. A job fair and consultation sessions for young people who want to get a job at fintech firms and financial companies as well as state-run financial firms will also take place. Financial education programs for adults, children and the elderly will be offered on May 25, the last day of the expo.